RusHydro Group starts to squeeze-out RAO ES EAST, PJSC shareholders
Vostok-Finance Limited (100% subsidiary of RAO ES EAST, PJSC) announces the request for compulsory acquisition (squeeze-out) of RAO ES EAST, PJSC ordinary and preferred shares.
The squeeze-out price determined by the independent appraiser equals for the ordinary shares 0,35 RUB and 0,22 RUB per preferred shares in full accordance with point 4 of article 84.4 of the Russian Federation’s law On Joint Stock Companies. The same price was used under price of the tender offer held from November 3, 2015 to January 18, 2016. That tender offer resulted in shareholders selling 11.11% of RAO ES EAST, PJSC total shares to Vostok-Finance Limited making RusHydro Group control over 95% of charter capital.
In line with the legislation the shares are purchased by the legal entity which gained control over 95% of the public joint-stock company regardless of the consent of the other shareholders. Any shareholder who fails to submit to the registrar “STATUS” their requests containing bank or broker account details by May 16, 2016, will be mandatorily withdrawn, with a cash settlement paid into the account of a notary in the city of Khabarovsk, Russian Federation. The forms of the requests can be found on the Company web-site following this address http://www.rao-esv.ru/en/
The full consolidation of RAO ES EAST, PJSC is being implemented pursuant to the approved long-term development plan of RusHydro Group aimed at increasing management efficiency of the of RAO Energy systems of the East holding.